Town Council proposes record budget for community improvements
June 05, 2024 | Hilton Head Island, Beaufort County, South Carolina
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In a recent Town Council meeting, officials presented a comprehensive budget proposal for the upcoming fiscal year, totaling approximately $166.9 million. The budget emphasizes enhanced customer service, innovation, and community infrastructure, with a significant focus on capital improvement projects, including a notable $19 million increase in the Capital Improvement Program (CIP) compared to the previous year.
Key allocations within the budget include $74.3 million for capital improvements, which will support various projects such as beach renourishment, stormwater management, and public safety enhancements. The beach renourishment initiative alone is allocated $16.5 million, marking a critical investment in preserving the town's coastal resources.
The general fund budget is projected at nearly $61 million, with primary revenue sources identified as property taxes, business licenses, and local accommodations taxes. Notably, the budget maintains the general fund millage rate at 15.9, following a previous reduction from 17.2. The council also discussed the importance of strong business license revenues, which are expected to remain robust.
In addition to operational funding, the budget includes provisions for employee compensation adjustments, with a proposed 15% increase to address inflationary pressures. This marks the first significant adjustment in employee compensation since 2012.
The meeting also highlighted the Gullah Geechee Historic Neighborhood Community Development Corporation Fund, which has a budget of $5.3 million aimed at supporting local historic neighborhoods through grants and strategic initiatives. Furthermore, the housing fund has been increased to $4 million, reflecting the town's commitment to addressing housing needs through various public-private partnerships.
As the council prepares for the second and final reading of the budget, public input is being solicited to ensure community needs and priorities are adequately addressed. The council aims to finalize the budget by July 1, in compliance with state requirements.
Key allocations within the budget include $74.3 million for capital improvements, which will support various projects such as beach renourishment, stormwater management, and public safety enhancements. The beach renourishment initiative alone is allocated $16.5 million, marking a critical investment in preserving the town's coastal resources.
The general fund budget is projected at nearly $61 million, with primary revenue sources identified as property taxes, business licenses, and local accommodations taxes. Notably, the budget maintains the general fund millage rate at 15.9, following a previous reduction from 17.2. The council also discussed the importance of strong business license revenues, which are expected to remain robust.
In addition to operational funding, the budget includes provisions for employee compensation adjustments, with a proposed 15% increase to address inflationary pressures. This marks the first significant adjustment in employee compensation since 2012.
The meeting also highlighted the Gullah Geechee Historic Neighborhood Community Development Corporation Fund, which has a budget of $5.3 million aimed at supporting local historic neighborhoods through grants and strategic initiatives. Furthermore, the housing fund has been increased to $4 million, reflecting the town's commitment to addressing housing needs through various public-private partnerships.
As the council prepares for the second and final reading of the budget, public input is being solicited to ensure community needs and priorities are adequately addressed. The council aims to finalize the budget by July 1, in compliance with state requirements.
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